The US Treasury Department’s Community Development Financial Institutions Fund has awarded the LADF $50 million in New Markets Tax Credit (NMTC) allocation. In total, LADF has been awarded $175 million in NMTCs since the program’s first allocation in 2008 to stimulate economic development through investment capital for low-income communities.

“We are thrilled to be a recipient of $50 million in NMTCs”, said Rushmore Cervantes, President of LADF. “This reflects the catalytic economic investment that’s needed in our City and speaks to the impact of LADF’s prior NTMC investments, spurring development and creating much needed, good paying jobs. LADF will allocate these tax credits in projects that will have the greatest impact on the local economy and create the highest number of quality permanent jobs.”

Since its founding, the LADF has used New Markets Tax Credits to finance nine projects to help promote community and economic development in the City of Los Angeles. These projects added 420,000 square feet of new space and rehabilitated 710,000 square feet of existing space for retail, industrial, office, and community uses.

LADF projects have created 1,200 new permanent direct jobs and 420 new permanent indirect jobs, as well as helped retain 660 permanent direct jobs. These projects also generated a total of 2,070 construction jobs.